If your bank balance is feeling the post-Christmas pinch, a ‘no spend January’ could be the reset you need.
Christmas has ended, the leftovers are gone, and for many of us, the credit card statement is about to arrive. If the festive season left your finances feeling a little tight, you aren’t alone.
No spend January has become a global movement. It’s more than just a spending detox, it’s a 31-day reset designed to break the cycle of impulsive spending and start your year with more control over your money.
Why January is the perfect time for a no spend challenge
While you can start a no spend challenge any time of year, January is a good time because many of us naturally embrace a slower pace of life after Christmas, when the days are still cold and dark. The new year mindset offers a boost of motivation, and since many of us are staying inside away from the cold weather, there’s less social pressure to spend money on expensive activities and days out.
Three tips to survive the January slump
January is famous for feeling like the longest month of the year’. Here’s how to stay on track when the initial New Year excitement fades:
The ‘cupboard first’ rule: post-Christmas, many of us have cupboards and fridges full of half-used baking ingredients, chutneys and Christmas cheeses. Make a plan to eat what you have before buying anymore treat-like grocery items.
Beat the blues: if you’re feeling worried, stressed or overwhelmed, there are ways to make this time of year feel more manageable and beat the January blues.
Unsubscribe and unfollow: January is peak sales season. Your inbox will be flooded with final clearance emails. Spend ten minutes in January unsubscribing from retail newsletters to remove the temptation before it hits your screen.
Your no spend January toolkit
To succeed, you’ll need a plan that accounts for the specific hurdles of winter:
Week one: the reset
Total cupboard audit. Use up those Christmas leftovers! Unsubscribe from retail emails and identify your spending triggers. You can even take our money personality quiz to see what kind of spender you are.
Week two: social life
Find ways to enjoy the cold winter months on a budget. You could host a board game night with friends, or think about some free winter activities to occupy your time and avoid spending.
Week three: the danger zone
This is when motivation dips. Write down why you’re doing a no spend January and check your savings progress. You can use a free budget worksheet to help you stay on track. Use a simple calculator to see if you’re entitled to extra benefits or grants and boost your income.
Week four: the finish line
Review your habits. Which no spend January rules can you carry into February and the rest of the year?
Is it a no spend January or a low spend?
The great thing about a no spend January is that you set the rules. For most people, no spend means pausing all non-essential spending (takeouts, clothes, hobbies) while still paying for essentials like rent, bills and a basic food shop budget.
CAP top tip: decide on your allowable essentials before or on 1 January. If it’s not on the list, it doesn’t get bought!
Ready to take it further?
If you find that your financial struggles go deeper than just a heavy December, you don’t have to face it alone. At CAP, we help thousands of people regain control of their finances every year.
Want the full technical guide?
Read our ultimate guide to the no spend challenge to use all year
